CMC News

$SOL Eyes $4B Boost as #ForwardIndustries Files Massive Raise

Forward Industries has filed a $4 billion at-the-market equity offering to accelerate its $SOL accumulation strategy. The Nasdaq-listed company plans to use proceeds for working capital and expanding its Solana treasury holdings through sales agent Cantor Fitzgerald.

The massive fundraising effort could more than double the current $3.1 billion held across all $SOL #treasury companies globally. Forward Industries stock (FORD) dropped 8.2% following the announcement, trading at $34.28 after falling to $31.29 earlier in the session.

#Galaxy Digital, Jump Crypto, and Multicoin Capital previously backed Forward's $1.65 billion private investment round. The company used those funds to acquire 6.82 million $SOL tokens at an average price of $232, establishing itself as the largest publicly traded Solana treasury firm.

Kyle Samani, Forward's chairman, emphasized the offering provides flexible capital deployment mechanisms for scaling their #Solana position. The automatic shelf registration allows immediate share sales once regulatory requirements are met.

DeFi Development Corp. has also registered a preferred stock offering with the #SEC, mirroring funding tactics used by prominent $BTC treasury companies. The Series C Cumulative Perpetual Preferred Stock will pay quarterly dividends at an undisclosed fixed rate.